Mr. Alejandro Ochoa reports

TOWER ONE PROVIDES UPDATE ON MANAGEMENT CEASE TRADE ORDER

Tower One Wireless Corp. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).

On May 2, 2023, the company announced that it made an application to the B.C. Securities Commission to approve a temporary management cease trade order on the basis that it would be unable to file its annual financial statements, accompanying management's discussion and analysis, and required certifications for the year ended Dec. 31, 2022, on or before the prescribed filing deadline of May 2, 2023, as required by National Instrument 51-102 (Continuous Disclosure Obligations) and NI 52-109 (Certification of Disclosure in Issuer's Annual and Interim Filings), respectively. The application was approved by the BCSC on May 2, 2023, and the MCTO was issued by the BCSC on May 2, 2023. The MCTO prohibits trading in securities of the company by certain insiders of the company, whether direct or indirect. The MCTO requires the annual filings to be filed on or before June 30, 2023. The company anticipates that the annual filings will be filed on or before June 30, 2023.

The company will continue to provide biweekly updates, as required by NP 12-203, until the annual filings have been filed. The company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as it remains in default of the requirement to file the annual filings.

The company has experienced unexpected delays in compiling the information required to prepare the annual filings due to schedule conflicts and resources. There have been no material changes to the information contained in the default announcement or any other changes required to be disclosed under NP 12-203.

The company anticipates that it will be in a position to file the annual filings on or before June 30, 2023. The MCTO will be in effect until the annual filings are filed. The company confirms that it will comply with the alternative information guidelines included in NP 12-203 so long as the annual filings are outstanding.

About Tower One Wireless Corp.

Tower One's principal business is to build, own and operate multitenant wireless telecommunications infrastructure (towers) in Latin America. Tower One leases space on its towers to mobile network operators. The company is focused on the build-to-suit tower industry whereby a long-term lease is secured with a tenant prior to building a tower. The company operates in the three largest Spanish-speaking countries in Latin America (Colombia, Mexico and Ecuador) with a combined population of approximately 220 million people.

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